Investment funds are investment vehicles through which the saver (unit holder) holds a stake in a portfolio comprising a range of assets and managed by professional asset managers (the management company).

Since an investment fund has no legal personality of its own, it is managed by a management company and a depositary entity to which the fund is attributed.

The money invested by the saver entitles him or her to ownership of a percentage of the portfolio (shares/units). Fund equity is divided into equal units, with no par value, that confer pro rata ownership of fund assets.

The number of fund units is unlimited, and increases or decreases depending on subscriptions and redemptions.

The price of units is equal to the value of fund assets divided by the number of existing units. The value of a unit changes in step with the value of fund assets. Net asset value is the value of assets less accounts payable.